SKM Egg zooms 10 per cent; will it follow suit of Venky’s India?
Indian markets were seen buzzing on the bourses in the first half of Tuesday’s session after the country administered record jabs of over 8 million in a single day (yesterday); thereby, fuelling the hopes of a quicker economic recovery. However, the momentum derailed in the second half of the trading session, trimming more than 100 points from the day’s high.
Despite witnessing this topsy-turvy, there was one hidden gem, which rose like a phoenix and marked a fresh 52-week high on Tuesday and that is SKM Egg Products Export (India) Limited. SKM is an integrated quality manufacturer and supplier of egg products in the international market. It has the capability to formulate and develop various kinds of egg-based mixes for bakeries & mayonnaise applications.
The stock was nearly 10 per cent up and what was more noteworthy was the fact that it witnessed a mammoth surge in the volumes. Volumes recorded for the day were over 43 lakh, which is almost a tenfold surge when compared to its prior trading session volume. Furthermore, the stock has tested the level, which was last seen in mid-2018. As a result, the stock is on the verge of a multiyear breakout.
The stock on a YTD basis is up by nearly 55 per cent despite delivering a tremendous return in the current year. It has unperformed its listed peer, Venky’s (India) Ltd, which is up by nearly 98 per cent on a YTD basis.